Meticulous Research®, a leading global market research company, has released a comprehensive report titled "Smart Lighting Market by Offering (Hardware, Software, Services), Connectivity Mode (Wired, Wireless [Bluetooth, Wi-Fi, Other], Hybrid), Application (Indoor [Residential, Commercial, Industrial], Outdoor) and Geography - Global Forecast to 2029."
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According to the latest analysis, the global smart lighting market is expected to achieve a Compound Annual Growth Rate (CAGR) of 12.2% from 2022 to 2029, reaching a market value of $39.91 billion by 2029. This robust growth is driven by the rising demand for IoT-enabled lighting fixtures and smart lighting solutions, the need for energy-efficient lighting systems, and the increasing penetration of smart homes. Additionally, the shift from traditional to connected lighting solutions and the proliferation of smart cities present significant opportunities for market expansion. However, high initial costs of smart lighting equipment and accessories may pose challenges to market growth.
Market Segmentation Insights
By Offering:
• Hardware: Dominates the market with the largest share in 2022 due to the rising penetration of smart lights, increased demand for intelligent streetlights in developing regions, and the popularity of connected lighting bulbs and fixtures controllable via smartphones or tablets.
• Software: Expected to register the highest CAGR during the forecast period, driven by the need for applications that control lights via smart devices and their integration with platforms like Alexa, Cortana, and Siri for voice command operations. The trend of creating ambient atmospheres and data collection in smart cities will further propel segment growth.
By Connectivity Mode:
• Wired: Accounted for the largest market share in 2022, valued for its reliability and minimal signal distortion. However, despite its robustness, it lacks the flexibility and convenience of wireless protocols.
• Wireless: Segmented into Bluetooth, Wi-Fi, and others, wireless connectivity is gaining traction among consumers for its convenience.
• Hybrid: Expected to witness the fastest growth, combining the reliability of wired protocols with the flexibility of wireless standards, thereby gaining significant momentum.
By Application:
• Indoor: Covers residential, commercial, and industrial applications.
• Outdoor: Expected to hold the largest share and the highest CAGR in 2022, driven by the adoption of energy-efficient solutions, government energy efficiency initiatives, and smart city infrastructure projects. The decline in LED prices and their increased use in outdoor lighting applications such as architectural, highways, roadways, and public places also contribute to this growth.
Geographical Insights
• Europe: Expected to dominate the market in 2022, driven by high awareness of energy conservation, supportive government policies, high disposable incomes, improved living standards, and widespread deployment of smart lighting solutions.
• Asia-Pacific: Demonstrates significant growth and is expected to register the highest CAGR, fueled by government initiatives promoting energy-efficient systems, smart city projects, and substantial investments in public infrastructure.
Key Players:
The key players operating in the smart lighting market are Signify Holding (Netherlands) [formerly known as Philips Lighting N.V, Legrand (France)], Acuity Brands, Inc. (U.S.), Lutron Electronics Co., Inc (U.S.), Leviton Manufacturing Co., Inc. (U.S.), Zumtobel Group (Austria), Honeywell International Inc. (U.S.), Hubbell Incorporated (U.S.), GE Current (U.S.), Dialight plc (U.K.), Cree Lighting (U.S.), [a subsidiary of Ideal Industries, Inc. (U.S.)], Enlighted Inc. (U.S.) [a subsidiary of Simens AG (Germany)], Panasonic Holdings (Japan), LightwaveRF PLC (U.K.), RAB Lighting Inc. (U.S.), Synapse Wireless (U.S.), Syska LED (India), Wipro Enterprises (India), LG Electronics (South Korea), and ABB Ltd (Switzerland).
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